News: McMillan Shakespeare changes chief , page-79

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Sylah

83 Posts.

14/07/14

16:23

Post #: 13657218
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Originally posted by jiantan86 ↑

From the AFR:

Remserv, a subsidiary of the listed salary packager McMillan Shakespeare, has been temporarily banned from giving quotes for novated car leases to Queensland government employees while the fees it charges are investigated.
It is understood a complaint has also been lodged with the Australian Securities Exchange for not disclosing Remserv’s suspension from quoting.
A spokesman for the Queensland Government’s Minister for Housing and Public Works Tim Mander, who has responsibility for the state’s procurement division, confirmed that Remserv’s right to quote for novated car leases had been suspended for a “short time” while it investigates complaints.
It is understood the suspension has been in place for at least a week so far.
Novated leases involve a finance company buying a car on an employee’s behalf, then leasing it to them. The employee makes the repayments from their pre-tax salary and can enjoy deductions on fringe benefits tax and GST.
Remserv and recently listed Smartgroup are the only two salary packaging companies contracted to administer salary packaging, including quotes, to Queensland government employees.
The head of Remserv, Michael Salisbury, was recently appointed to take over from managing director Michael Kay, who will retire in October.
Remserv has exclusive rights to offer salary packaging administration to Queensland Health.
These contracts were extended for a further two years in March 2014.
One industry source said a senior public servant had asked their accountant to “reverse engineer” a novated lease contract they had taken out with Remserv. They found they were being charged $8,000 in fees and would have been better off taking out a personal loan to pay for the car than a lease.
McMillan Shakespeare has yet to respond to a request for comment.
The company’s share price has fallen 3.9 per cent from $9.56 on July 8 to $9.19. It has dropped 18.8 per cent from $11.33 since Mr Kay announced his retirement in late May.
The share price has yet to recover from a massive fall a year ago when the then Labor government announced plans to remove parts of the FBT concessions novated leases rely on.

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Thanks for posting the article Jiantan86. The question now is why didn't the company disclose?

MMS Price at posting: $9.07 Sentiment: None Disclosure: Held
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